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Report Date : |
07.09.2013 |
IDENTIFICATION DETAILS
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Name : |
SBORAS TEXTILE'S SOTIRIOS SBOR AS & CO. E.E. |
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Formerly Known As : |
SBORAS TEXTILE'S CLUB SOT. SBORAS & CO. E.E |
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Registered Office : |
22 Lefkis, 14231 Nea Ionia, Attiki, |
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Country : |
Greece |
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Date of Incorporation : |
04.06.1985 |
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Legal Form : |
Limited partnership |
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Line of Business : |
Wholesales piece goods and notions and manufactures of textile goods. |
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No. of Employees : |
06 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small company |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Greece |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
GREECE - ECONOMIC OVERVIEW
Greece has a capitalist economy with a public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy grew by nearly 4% per year between 2003 and 2007, due partly to infrastructural spending related to the 2004 Athens Olympic Games, and in part to an increased availability of credit, which has sustained record levels of consumer spending. But the economy went into recession in 2009 as a result of the world financial crisis, tightening credit conditions, and Athens' failure to address a growing budget deficit. The economy contracted by 2.3% in 2009, 3.5% in 2010, 6.9% in 2011, and 6.0% in 2012. Greece violated the EU's Growth and Stability Pact budget deficit criterion of no more than 3% of GDP from 2001 to 2006, but finally met that criterion in 2007-08, before exceeding it again in 2009, with the deficit reaching 15% of GDP. Austerity measures reduced the deficit to about 8% in 2012. Deteriorating public finances, inaccurate and misreported statistics, and consistent underperformance on reforms prompted major credit rating agencies to downgrade Greece's international debt rating in late 2009, and has led the country into a financial crisis. Under intense pressure from the EU and international market participants, the government adopted a medium-term austerity program that includes cutting government spending, decreasing tax evasion, overhauling the health-care and pension systems, and reforming the labor and product markets. Athens, however, faces long-term challenges to push through unpopular reforms in the face of widespread unrest from the country's powerful labor unions and the general public. In April 2010 a leading credit agency assigned Greek debt its lowest possible credit rating; in May 2010, the International Monetary Fund and Euro-Zone governments provided Greece emergency short- and medium-term loans worth $147 billion so that the country could make debt repayments to creditors. In exchange for the largest bailout ever assembled, the government announced combined spending cuts and tax increases totaling $40 billion over three years, on top of the tough austerity measures already taken. Greece, however, struggled to meet 2010 targets set by the EU and the IMF, especially after Eurostat - the EU's statistical office - revised upward Greece's deficit and debt numbers for 2009 and 2010. European leaders and the IMF agreed in October 2011 to provide Athens a second bailout package of $169 billion. The second deal however, calls for Greece's creditors to write down a significant portion of their Greek government bond holdings. In exchange for the second loan Greece has promised to introduce an additional $7.8 billion in austerity measures during 2013-15. However, these massive austerity cuts are lengthening Greece's economic recession and depressing tax revenues. Greece's lenders are calling on Athens to step up efforts to increase tax collection, privatize public enterprises, and rein in health spending, and are planning to give Greece more time to shore up its economy and finances. Many investors doubt that Greece can sustain fiscal efforts in the face of a bleak economic outlook, public discontent, and political instability.
Source
: CIA
Name: SBORAS TEXTILE'S
SOTIRIOS SBOR AS & CO. E.E.
Address: 22 LEFKIS, 14231
NEA IONIA, ATTIKI, GREECE
TELEPHONE: 30 2102720002
TELEFAX: 30
2102720005
E-MAIL
ADDRESS: info@sboras.gr
WEB ADDRESS: www.sboras.gr
STARTED: 1985
YEAR INC: 1985
LEGAL FORM: Ltd partnership
registered on Jun 4, 1985 for a period ending Dec 31, 9999.
Tax Registration
Number: 093410586
REGISTERED
OFFICE: 22 LEFKIS, 14231 NEA
IONIA, ATTIKI, GREECE
FORMER NAME: SBORAS TEXTILE'S
CLUB SOT. SBORAS & CO. E.E
Established in Athens (40-42 Aiolou & 9 Vassilikis Strs.), on
4.6.1985. In early 1998, subject moved its head office to the above mentioned
address.
The below mentioned financial figures are in Euro
Sales for the 12 month period ending Dec 31, 2011 were 1,210,000.
Sales for the 12 month period ending Dec 31, 2010 were 1,320,000.
SIC: 5131
2299
ACTIVITY: WHOLESALES PIECE GOODS
AND NOTIONS
Local Activity
Code: 4641
Local Activity
Code Type: STAKOD
Equivalent to: NACE
1
Wholesales piece goods and notions
Manufactures of textile goods
Subject's customers are approximately 2,000 firms all over Greece.
Exports 20% to Cyprus
Normal exporting terms are open account
Imports 80% from China, Egypt, India, Iraq, Pakistan, Spain, Turkey
Normal importing terms are cash against documents.
Imports, mfg (in third party facilities) and wholesale trade of white
linen.
TOTAL EMPLOYEES: 6 as at Jan 2, 2012 including 0 part-time staff.
The number of employees varies according to needs.
The number of employees peaks to 6.
National Bank of Greece S.A., Nea Filadelfeia
Branch
Location: 90
Dekeleias Ave & Eptalofou, Nea Filadelfeia 14341, Greece.
Telephone: 30
2102584910
Emporiki Bank,
Nea Filadelfeia Branch
Location: 104
Dekeleias Ave, Nea Filadelfeia 14341, Greece.
Telephone: 30
2102520748
EFG EUROBANK
ERGASIAS S.A., N. Filadelfeia Branch
Location: 79
Dekeleias Ave, Nea Filadelfeia 14341, Greece.
Telephone: 30
2102531788
Sotirios Nikolaos Sboras Administrator
Nikolaos Sotirios Sboras Administrator
Sotirios Nikolaos
Sboras
Has a 67.% interest in the partnership.
Nikolaos Sotirios Sboras
Has a 27.% interest in the partnership.
Eleni Sbora
Has a 5% interest in the partnership.
Subject owns warehouse, covering approximately 1,600 square meters at
heading address.
The site covers approximately 417 square meters.
Informants report that subject's payments are prompt.
Subject is a long established family-run, mainly trading firm.
Please note that the information provided in the report was obtained from
official and available sources.
Further information was not available.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.65.96 |
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|
1 |
Rs.102.91 |
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Euro |
1 |
Rs.85.58 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.